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Analysts at Nomura expect the NAHB’s housing market index of US to decline further by 1pp to 66 in September as increased concerns over supply-related constraints outweigh sustained strong demand for housing.

Key Quotes

“The August NAHB report highlighted “growing affordability concerns, stemming from rising construction costs, shortages of skilled labor and a dearth of buildable lots.” As construction costs remain high, with increased concern around tariffs, and interest rates continue to rise, we expect further moderation in home builder sentiment while remaining at an elevated level.”

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